BlueCity Holdings, a leading online LGBTQ community and dating platform in China, raised $85 million by offering 5.3 million ADSs at $16, within the range of $15 to $17. Co-founder and CEO Ma Baoli indicated on $5 million of the IPO. At pricing, the company commands a fully diluted market cap of $614 million.
Central to the company's business is the Blued mobile app, China's largest gay dating app by MAUs in 2019. As of March 31, 2020, the company had over 49 million registered users on Blued, with 6.0 million MAUs in the 1Q20, up from 5.0 million in the prior year period.
BlueCity Holdings plans to list on the Nasdaq under the symbol BLCT. AMTD Global Markets, Loop Capital Markets, Tiger Brokers, Prime Number Capital, and R.F. Lafferty & Co. acted as lead managers on the deal.
The article Chinese LGBTQ platform BlueCity Holdings prices US IPO at $16 midpoint originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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